New Bima Bachat Plan No. 916 is a single premium, non-linked, with profits Money Back type Plan.
Features & Conditions:
Minimum age at entry : 15 years (Completed)
Maximum age at entry : 50 years (Nearer Birthday)
Maximum Sum Assured : No limit
LIC’s Accidental Death and Disability Benefit Rider and Term Rider for full Policy Term.
Payment Mode of Premium:
Single Premium Payment (One-Time)
Only after one policy year.
First Year: 75% of Single Premium.
2″ Year Onwards: 90% of Single Premium less Survival Benefits Paid
Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.
Form 300, 340 or Form 360
Income Tax Benefits:
On Basic Premium : U/s 80C up to 10% of Sum Assured
Maturity Amount : Taxable as per Income Tax rules
Death Claim : Exempt u/s 10 (10D) as per Income Tax rules
All Bima Bachat Plan No. 916 Details with example are available in Video. Please check the video given below.
SUM ASSURED ON DEATH: Basic Sum Assured
During 1st five years policy years : Sum Assured on Death
From 6th year onwards : Sum Assured on Death + Loyalty Addition, if any.
Single Premium Paid + Loyalty Additions, if any.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Age Proofs: All Allowed.
Female Lives : All Allowed.
Third Gender: Standard Age proof is must. Proposal will be decided
at CO NB&R Department.
Kevman/Partnership/Empl-Employee: Allowed only under Employer-Employee